Are you Ready for Tax Season?
Once again, tax season is upon us. Are you ready? Do you know what you need to have in order to complete your taxes? The list of items that you should bring into your tax preparer can be quite lengthily. I would suggest getting a file cabinet to keep all of the following documents that you need to hang onto throughout the year to be prepared. Of course, this list is only a few of the documents you need to hang on to. Everyone needs different documents.
You will need to provide the following personal information to the tax preparer:
• Names of the members of your family
• Social Security numbers of your family
• If you pay Alimony, you’ll need to provided the name and Social Security number of each person paid
The next thing you need to provide is your income information. This includes the following:
• W-2’s.
• 1099’s
• Jury Duty income paid
• Grant or Scholarship information
• Alimony received
If you are self employed, you will need to provide the following information:
• Receipts for any business related expenses
• Payment receipts for taxes you have paid
The following information will need to be provided for you homeowners or renter information:
• Receipt of mortgage interest paid
• Information on the sale of a home or real estate
• Receipt of rent paid throughout the year
• Receipt of moving expenses
The last thing I will list is your expenses. It is important to hang on to the following receipts throughout each year:
• Receipts for Medical expenses
• Receipts for Investment expenses
• Job related expenses that were not reimbursed
• Receipts of tuition paid for a job related educational class that was not reimbursed
• Receipt for volunteer work
• Receipts for gifts to charity or tithe to your church
As I said at the beginning of this article, these are just a few of the things you will need to provide when it is time to get your taxes done. It is important that you research your specific situation in order to be prepared. It is important to be prepared so that you receive your full refund or you do not end up paying the government more than what you actually owe to them. Now, who would want to do that?
Corrie Petersen runs a successful Virtual Assistant business. She enjoys helping her clients organize their business through outsourcing. If you’re ready to get your business organized, click here to visit her site.
